TIDMVANL
RNS Number : 5155A
Van Elle Holdings PLC
22 January 2020
Van Elle Holdings plc
22 January 2020
Interim results for the six months ended 31 October 2019
Van Elle Holdings plc ("Van Elle", the "Company" or the
"Group"), the leading geotechnical engineering company offering a
wide range of ground engineering techniques and services to
customers in a variety of UK construction end markets, announces
its interim results for the six months ended 31 October 2019.
Highlights
6 months ended 6 months ended Change
31 Oct 2019 31 Oct 2018 %
--------------------------------- --------------- --------------- -------
Revenue (GBPm) 48.5 42.9 13.1
Underlying* EBITDA (GBPm) 3.7 5.2 (28.8)
Reported EBITDA (GBPm) 3.5 4.8 (27.1)
Underlying* operating profit
(GBPm) 1.5 3.0 (50.0)
Reported operating profit
(GBPm) 1.2 2.6 (53.8)
Underlying* profit before
taxation (GBPm) 1.1 2.8 (60.7)
Reported profit before taxation
(GBPm) 0.9 2.4 (62.5)
Underlying* earnings per
share (p) 1.2 2.8 (57.1)
Reported earnings per share
(p) 0.9 2.4 (62.5)
Dividend per share (p) 0.2 1.0 (80.0)
Operating cash conversion
**(%) 41.8% 100.3%
Return on capital employed***
(%) 2.8% 6.4%
--------------------------------- --------------- --------------- -------
* before share-based payments and exceptional costs
** defined as cash generated from operations divided by EBITDA
less profit on sale of fixed assets
*** Return on capital employed calculated as underlying
operating profit divided by net assets less cash and excluding
loans and borrowings
The October 2019 results are not directly comparable to the
previous periods as a result of the adoption of IFRS 16. The impact
on the results is not considered to be material and is explained in
note 1
Summary highlights
-- Despite a challenging market backdrop, the benefit of
self-help initiatives and revenue growth resulted in an improving
performance as the half progressed
-- Revenue grew by 13.1% to GBP48.5m (H1 2019: GBP42.9m),
reflecting growth in the housing and highways markets, contrasted
with subdued conditions in commercial and rail markets
-- Underlying PBT reduced to GBP1.1m (H1 2019: GBP2.8m),
reflecting a weak first quarter and adverse sales mix across the
period
-- Progress against the previously announced transformation
programme remains on track, with phase 1 now substantially
complete:
o Simplified divisional structure implemented with each under
new, strengthened leadership;
o All operations now based at a single site in Kirkby in
Ashfield;
o Positive developments with strategic customer engagement and
development of bid pipelines;
o Operational performance stabilised, with a continued focus on
margin improvement;
o Ongoing investment in the development of new products and
services to diversify capabilities
-- Cash performance was affected by some long running final
accounts, but net debt is manageable at GBP10.4m (H1 2019: GBP5.6m)
after adjustment for adoption of IFRS16
-- Due to subdued profitability in the first half the Board is
recommending a reduced interim dividend of 0.2 pence per share
(FY2019: 1.0 pence)
-- The Group's new Chief Financial Officer, Graeme Campbell,
joins Van Elle from Severfield plc on 17 February 2020
Mark Cutler, Chief Executive, commented:
"The business continues to improve and, despite challenging
market conditions through the first half, we have made progress. We
have a clear strategy focused on three core markets - housing,
infrastructure and regional construction - where we offer a broad
range of end-to-end technical capabilities through our extensive
and well-invested rig fleet. Good progress continues to be made in
building long term and strategic relationships with our key
customers in all sectors.
"Operational performance is stable with previous challenges now
substantially addressed. The simplified divisional structure with
motivated, co-located teams under strengthened leadership means
that we are more efficient and joined-up. This allows us to focus
even more intently on customer service, operational excellence,
margin improvement and cash generation.
"Whilst mindful of ongoing volatility across construction
markets and recognising a slower Q3 than previous years due to
subdued rail activity, the Board expects some market improvement
and further progress in the balance of the second half. This is
also supported by the benefits of ongoing improvements under the
Group's transformation programme. Consequently, the Board expects
to deliver results for the full year within the range of market
expectations."
For further information please contact:
Instinctif Partners (Financial PR) Tel: 020 7457 2020
Mark Garraway
James Gray
Rosie Driscoll
Peel Hunt LLP (Broker) Tel: 020 7418 8900
Charles Batten
Mike Bell
Edward Allsopp
Van Elle Holdings plc - Interim Report to 31 October 2019
Strategic overview
Van Elle continues to be in transition, following a plan focused
on improving the performance of the business through a range of
organisational, commercial and operational actions whilst also
putting in place the building blocks of future sustainable growth
in line with our updated strategy.
Good progress is being made in delivery of the three-phase
transformation programme and early benefits are starting to be
evidenced despite the challenging market conditions that have
prevailed though FY2019 and the first half of FY2020.
Phase one of the three-phase transformation programme is now
substantially complete, with highlights including:
- The restructuring of the business divisions is substantially
complete with several key managerial changes made during the period
aimed at improving the leadership capability and acting on areas of
identified efficiency opportunity.
- The rationalisation of multiple offices into a single open
plan site in Kirkby was completed in the first quarter. This has
improved internal communications and facilitated greater efficiency
of information flow and back office support.
- The bidding process and governance has been strengthened
alongside a programme of more intensive customer engagement. This
continues to deliver a strong order book despite increased levels
of competition in a market which remains volatile.
- Further commercial appointments have been made to strengthen the divisional capabilities.
- Operational performance is satisfactory and, in particular,
the issues faced last year in the General Piling business have been
addressed. Across the Group, consistency of delivery has been
enhanced through the roll-out of the Perfect Delivery programme
which applies lessons learned from past performance to focus on
operational excellence and customer satisfaction.
- Efficiency savings are continuously targeted through process
improvement and a streamlining of overhead structures as
appropriate, without inhibiting our capacity to grow. A cost
reduction programme is focused on waste reduction and synergies
across the business.
- Investment in new products and services, both enhancements to
existing core capabilities and the development of new specialist
techniques and services continues through an active innovation
programme.
- Best practice forums, corporate learning, training programmes
and employee engagement programmes all continue to improve
operational efficiency.
In the second half of the financial year, the focus will remain
on further embedding these internal improvements and continuing to
develop the foundations for expected growth. The Board expects some
modest improvement in market conditions in the second half which
should support continued positive momentum, building on the
progress seen in the first half.
Trading review
For the six months ended 31 October 2019, revenue increased by
13.1% GBP48.5m (H1 2019: GBP42.9m). Sales were segmented to our end
markets as follows: Residential 51.3% (H1 2019: 50.8%),
Infrastructure 25.9% (H1 2019: 28.2%) and Regional Construction
22.5% (H1 2019: 19.7%).
As previously reported, trading activity in the first quarter
was relatively subdued and below prior year levels as a result of
weak contractor confidence and continued project delays. The second
quarter saw a promising upturn in overall activity as key projects
were mobilised in certain segments of the UK construction
market.
In terms of divisional performance, whilst General and
Specialist Piling revenues were slightly down compared to the
comparative period in the prior year, there has been significant
growth within Ground Engineering Services, up approximately GBP7m
to GBP17m; driven primarily by housing sector growth as a result of
improved customer focus and closer relationships with national
housebuilders which are seeking faster build times and integrated
piling and foundation solutions.
In contrast the Group has seen increased competition in the
regional construction market and subdued activity levels in the
rail sector (as a result of delays to Network Rail's CP6
programme), impacting on several of the Group's higher margin
activities.
Underlying Profit Before Tax was weaker at GBP1.1m (H1 2019:
GBP2.8m), resulting from the impact on overhead recovery of lower
revenues in the first quarter and the generally adverse sales mix
across the first half, described above. The Group also completed
two challenging contracts in the first quarter which suffered delay
and additional costs and are subject to ongoing commercial
resolution.
Despite increased levels of competition in a market which
remains volatile, the Group's focus on bidding process and
governance, alongside a programme of more intensive customer
engagement continues to deliver a strong orderbook, which, adopting
the more prudent basis previously advised, sits at GBP32.0m at the
period end (FY 2019: GBP34.0m).
Working capital performance has been more challenging than in
previous periods, primarily due to several projects awaiting final
account resolution and some evidence of poor payment practice
amongst a minority of our customers. Action has been taken to
further strengthen customer risk assessment processes and
strengthen the divisional commercial teams to address this. Whilst
the Group doesn't envisage any material issues with receivable
recovery, it has deemed it appropriate to take a further GBP150K
provision against aged debtors.
The Group has continued to invest positively in the development
of new and innovative products and services while maintaining a
cautious rig investment programme. These include the development of
a new operational capability for vibro stone columns ('vibro')
targeted at the housing and industrial building sectors; the
continued development of the Group's unique rail track bed
stabilisation system; the wider application of the Smartfoot
modular foundations system in housing, and several other specialist
piling techniques that will support long term growth opportunities.
In the period the cost of new property, plant and equipment (PPE)
investment has been GBP2.3m and related development expenditure was
GBP420K, the latter capitalised as intangible assets in accordance
with IAS 38.
Whilst rig acquisition remains selective, management continues
to appraise opportunities to increase its fleet on a strategic
basis. In line with this approach, the Group acquired an additional
new driven rig targeted at its housing sector operations, certain
specialist assets at auction following the liquidation of rail
competitor Aspin and two second hand vibro rigs in the period
Net debt at 31 October 2019 of GBP10.4m (H1 2019: GBP5.6m)
includes GBP3.9m of lease liabilities arising from the adoption of
IFRS16. The comparison of net debt is set out in note 7.
The Group's banking facilities are unchanged with a GBP2.5m
unused overdraft facility in place with Lloyds. The Group also has
a GBP900K business loan secured against freehold property which is
due to be repaid by the end of 2020. This loan has been
reclassified as repayable on demand due to a breach in the original
covenants caused by low first half profitability. While the Board
is satisfied that the Group continues to operate with sufficient
cash reserves (and the cash position has improved further since the
period end) in view of the more challenging working capital
position and increased debtors, while focused on the objective to
reduce net debt by year end, the Board have implemented more
rigorous cash management disciplines and regularly reviews cashflow
forecasts.
Operating performance in the period
General Piling
Revenue was marginally lower at GBP17.7m (H1 2019: GBP18.5m),
primarily as a result of a subdued first quarter, reflecting delays
to projects experienced at the end of FY 2019 and a single
challenging contract on which the Group's entitlement is the
subject of ongoing claims recovery. As the Group's largest
division, the impact of the lower revenue in the early part of the
year had a significant impact on overhead recovery and together
with a weaker work mix, with reduced levels of rotary piling,
contributed to a reduction in underlying operating profit of 51% to
GBP227K (H1 2019: GBP465K).
Under new leadership since the beginning of the financial year,
the division has continued the operational and work winning
improvements outlined previously and progress was evident from Q1
into Q2 as a result. However, whilst volume levels were more
encouraging, the division continues to experience a sub-optimal
work mix with fewer higher margin rotary schemes and greater
competition from major rivals than in prior years. Several of the
smaller rigs have also been redeployed to the Housing division in
order to take best advantage of the opportunities available to the
Group.
Specialist Piling
The division, comprising the Specialist Piling and Rail business
units saw revenue marginally reduced to GBP14.0m (H1 2019:
GBP14.5m) although underlying operating profit was down 80% at 394K
(H1 2019: GBP1.93m).
After continued delays in Q1 and a challenging contract now
commercially resolved and which is subject to re-pricing for future
phases, the Specialist Piling unit performed in line with
expectations during the second quarter. The improvements as a
result of successfully mobilised and commenced operations on
several Smart Motorways projects, some of which will run for up to
two years. The previously announced, more selective approach to
ground stabilisation activity (and the closure of the former
dedicated division) has been successfully implemented and continues
to compliment the wider integrated range of services.
The Rail business unit has been heavily impacted throughout the
period by delays to Network Rail's CP6 programme and the completion
of some longer running CP5 projects, resulting in redeployment of
personnel and restructuring including some redundancies. In
parallel, the business has focussed intensively on customer key
account development and preparations for growth in CP6 and has
diversified slightly in order to increase resilience, including a
more comprehensive sheet piling offer and development of its first
track bed stabilisation opportunities in Ireland.
The rail sector is typically the Group's highest margin segment
and so the impact of the very challenging market conditions in this
sector during the first half have had a material adverse impact on
divisional and Group profitability. However, Van Elle remains a
clear market leader in these activities and the potential
opportunities presented by the mobilisation of major investment
programmes, including CP6 and HS2, are significant.
Ground Engineering Services
Revenue increased significantly to GBP16.9m (H1 2019: GBP9.9m)
and underlying operating profit increased 24% to GBP804K (H1 2019:
GBP647K)
Ground Engineering Services comprises the Housing division,
including the Smartfoot modular foundation system and Strata, the
Geotechnical division. Revenues have grown strongly driven by
closer relationships with national housebuilders which are seeking
faster build times and integrated piling and foundation solutions.
This is a segment in which the Group continues to invest for the
long term and in the period has diversified its services though the
development of specialist vibro piling techniques and further
developments to its precast concrete Smartfoot foundation system.
Strata has also seen strong revenue growth driven primarily by
ground investigation on major highways projects in which we are
developing a strong reputation alongside our piling activity.
Market overview
Across the Infrastructure sector the Group experienced mixed
fortunes in the period. In highways, the Group successfully
mobilised several Smart Motorway projects where it enjoys a market
leading position. In rail volumes were significantly down on the
prior year as preparations for Network Rail's CP6 programme
impacted workload across the market. Although some restructuring
and redeployment has been necessary, the business is well
positioned with a strong reputation and differentiated capabilities
to be able to mobilise quickly once spending starts to accelerate
as expected in the second half.
The regional construction market has been and remains highly
competitive, but due to closer working relationships with our
customers, including earlier engagement on projects, the Group has
secured several good quality projects and has improved its
execution compared to last year. The Group is not expecting a
material improvement in regional markets in the second half,
although some confidence is expected to return following the UK
General Election result.
The residential market continues to offer growth opportunities
to the Group, both in private housing and also larger scale
residential and retirement sectors. The business has successfully
diversified its offering in the period in order to take greater
advantage of these opportunities and has redeployed resources
internally to enable greater operational control as our customer
base widens.
Board news
The Board is pleased to confirm that Graeme Campbell will take
up the role of Chief Financial Officer on 17 February 2020,
following the announcement of his appointment in September 2019.
Graeme was previously Chief Financial Officer of ASX-listed
engineering services company Engenco and joins Van Elle from
Severfield plc.
Dividend
In view of the weak trading performance in the first half and
the dependence on improved second half trading, the Board is
declaring a reduced dividend of 0.2 pence per share (H1 2019: 1.0
pence) and will decide on the level of dividend for the year once
the second half performance is known. The interim dividend will be
paid on 27 March 2020 to shareholders on the register on 14
February 2020. The shares will be marked ex-dividend on 13 February
2020.
The board has become aware of a technical compliance
irregularity concerning the final dividend for the year ended 30
April 2019 approved at the Company's annual general meeting on 12
September 2019. This is explained in note 1.
Current trading and outlook
Current activity levels and prospects in Housing and Highways
remain positive, with further opportunities presented by the
development investment made in the first half.
As expected, and in light of the subdued market activity levels
during the delayed transition to the CP6 funding period, the Group
undertook significantly less rail work over the Christmas period
than in the prior year. Nevertheless, the Board does expect modest
improvement to both the rail and commercial building markets as the
second half progresses, which may be further bolstered in the event
that CP6 rail spending accelerates and/or the HS2 project is given
the go-ahead, although the timing of any such recovery remains
uncertain.
The actions being taken by the management team under the Group's
transformation programme to improve operational performance are
yielding early benefits and these actions will continue in tandem
with expected increased activity levels and improved work mix
described above, in the second half and beyond.
Whilst mindful of the ongoing volatility across construction
markets, the Board expects the Group to make further progress in
the second half, supported by the benefits of ongoing improvements
under the Group's transformation programme. Consequently, the Board
expects to deliver results for the full year within the range of
market expectations.
Consolidated statement of comprehensive income
6 months
6 months to to 12 months to
31 Oct 2019 31 Oct 2018 30 Apr 2019
Note (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------ ---- ------------------------------ --------------------- --------------
Revenue 2 48,524 42,921 88,468
Cost of sales (35,282) (28,841) (60,281)
------------------------------------ ---- ------------------------------ --------------------- --------------
Gross profit (13,242) 14,080 28,187
Administrative expenses (12,013) (11,453) (23,625)
------------------------------------ ---- ------------------------------ --------------------- --------------
Operating Profit 1,229 2,627 4,562
------------------------------------ ---- ------------------------------ --------------------- --------------
Operating profit before share-based
payments and exceptional costs 1,455 3,038 5,244
Share based payments 5 (80) (80) (123)
Exceptional cost 4 (146) (331) (559)
------------------------------------ ---- ------------------------------ --------------------- --------------
Operating profit 1,229 2,627 4,562
------------------------------------ ---- ------------------------------ --------------------- --------------
Finance expense (322) (297) (579)
Finance income 12 25 52
------------------------------------ ---- ------------------------------ --------------------- --------------
Profit before tax 919 2,355 4,035
Income tax expense (175) (471) (823)
------------------------------------ ---- ------------------------------ --------------------- --------------
Total comprehensive income
for the year 744 1,884 3,212
------------------------------------ ---- ------------------------------ --------------------- --------------
Earnings per share (pence)
Basic 5 0.9 2.4 4.0
Diluted 5 0.9 2.4 4.0
------------------------------------ ---- ------------------------------ --------------------- --------------
All amounts relate to continuing operations. There was no other
comprehensive income in either the current or preceding
period/year.
Consolidated statement of financial position
As at 31 October 2019
31 Oct 2019 31 Oct 2018 30 Apr 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------- ---- ------------- ------------- ------------
Non-current assets
Property, plant and equipment 19,150 39,038 38,486
Right-of-use assets 22,987 - -
Intangible assets 2,685 2,303 2,289
------------------------------------- ------------- ------------- ------------
44,822 41,341 40,775
------------------------------------ ------------- ------------- ------------
Current assets
Inventories 2,960 2,372 2,882
Trade and other receivables 21,931 19,946 20,558
Corporation tax receivable - - 118
Cash and cash equivalents 3,949 9,384 7,997
------------------------------------- ------------- ------------- ------------
28,840 31,702 31,555
------------------------------------ ------------- ------------- ------------
Total assets 73,662 73,043 72,330
------------------------------------- ------------- ------------- ------------
Current liabilities
Trade and other payables 15,922 14,830 16,506
Loans and borrowings 5,231 5,071 4,695
Provisions 236 253 236
Corporation tax payable 6 438 -
------------------------------------- ------------- ------------- ------------
21,395 20,592 21,437
------------------------------------ ------------- ------------- ------------
Non-current liabilities
Loans and borrowings 9,121 9,945 7,534
Deferred tax 1,061 1,016 1,298
------------------------------------- ------------- ------------- ------------
10,182 10,961 8,832
------------------------------------ ------------- ------------- ------------
Total liabilities 31,577 31,553 30,269
------------------------------------- ------------- ------------- ------------
Net assets 42,085 41,490 42,061
------------------------------------- ------------- ------------- ------------
Equity
Share capital 1,600 1,600 1,600
Share premium 8,633 8,633 8,633
Retained earnings 31,834 31,239 31,810
Non-controlling interest 18 18 18
------------------------------------- ------------- ------------- ------------
Total equity 42,085 41,490 42,061
------------------------------------- ------------- ------------- ------------
The unaudited interim consolidated statement was approved by the
Board of Directors on 21 January 2020.
Consolidated statement of cash flows
For the 6 months ended 31 October 2019
Note 6 months 6 months 12 months
to 31 Oct to 31 Oct to 30 Apr
2019 (unaudited) 2018 (unaudited) 2019 (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ----- ------------------ ------------------ ----------------
Cash flows from operating activities
Cash generated from operations 6 1,403 4,786 9,463
Interest received 12 25 52
Interest paid (322) (297) (579)
Income tax paid (287) (740) (1,366)
-------------------------------------- ----- ------------------ ------------------ ----------------
Net cash generated from operating
activities 806 3,774 7,570
-------------------------------------- ----- ------------------ ------------------ ----------------
Cash flows from investing activities
Purchases of property, plant
and equipment (1,376) (735) (2,390)
Disposal of property, plant
and equipment 354 323 393
Purchases of intangibles (422) - (10)
----------------
Net cash absorbed in investing
activities (1,444) (412) (2,007)
-------------------------------------- ----- ------------------ ------------------ ----------------
Cash flows from financing activities
Repayment of bank borrowings (75) (75) (150)
Repayments of Invest to Grow
loan (15) (47) (95)
Payments to lease creditors (2,520) (2,896) (5,561)
Dividends paid (800) (1,840) (2,640)
-------------------------------------- ----- ------------------ ------------------ ----------------
Net cash absorbed in financing
activities (3,410) (4,858) (8,446)
-------------------------------------- ----- ------------------ ------------------ ----------------
Net decrease in cash and cash
equivalents (4,048) (1,496) (2,883)
Cash and cash equivalents at
beginning of period 7,997 10,880 10,880
-------------------------------------- ----- ------------------ ------------------ ----------------
Cash and cash equivalents at
end of period 7 3,949 9,384 7,997
-------------------------------------- ----- ------------------ ------------------ ----------------
Consolidated statement of changes in equity
For the 6 months ended 31 October 2019
Non-controlling
Share Share interest Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Balance at 1
May 2018
(audited) 1,600 8,633 18 31,115 41,366
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Total
comprehensive
income - - - 1,884 1,884
Share-based payment
expense - - - 80 80
Dividend
payment - - - (1,840) (1,840)
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
- - - 124 124
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Balance at 31
October 2018
(unaudited) 1,600 8,633 18 31,239 41,490
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Total
comprehensive
income - - - 1,328 1,328
Share-based
payment
expense - - - 43 43
Dividend
payment - - - (800) (800)
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
- - - 571 571
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Balance at 30
April 2019
(audited) 1,600 8,633 18 31,810 42,061
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Total
comprehensive
income - - - 744 744
Share-based
payment
expense - - - 80 80
Dividend
payment (note
1) - - - (800) (800)
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
- - -
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Balance at 31
October 2019
(unaudited) 1,600 8,633 18 31,834 42,085
------------------------- ------------------- ------------------- -------------------------- -------------------- ------------------
Notes to the interim results
For the 6 months ended 31 October 2019
1. Basis of preparation
The unaudited interim consolidated statement of Van Elle
Holdings plc is for the six months ended 31 October 2019 and do not
comprise statutory accounts within the meaning of section 435 of
the Companies Act 2006. These consolidated financial statements
have been prepared in compliance with the recognition and
measurement requirement of International Financial Reporting
Standards, International Accounting Standards and Interpretations
(collectively IFRSs) as adopted by the EU. They do not include all
disclosures that would otherwise be required in a complete set of
financial statements and should be read in conjunction with the
group's annual report. The unaudited interim consolidated statement
has been prepared in accordance with the accounting policies that
are expected to be applied in the report and accounts for the year
ending 30 April 2020.
The comparative figures for the year ended 30 April 2019 do not
constitute statutory accounts within the meaning of section 435 of
the Companies Act 2006, but they have been derived from the audited
financial statements for that year, which have been filed with the
Registrar of Companies. The report of the auditors was unqualified
and did not contain statements under section 498 (2) or (3) of the
Companies Act 2006 not a reference to any matters which the auditor
drew attention by way of emphasis of matter without qualifying
their report.
Dividends
The Board has become aware of an irregularity concerning
technical compliance with the Companies Act 2006 in respect of the
final dividend approved by shareholders at the Company's annual
general meeting on 12 September 2019 (the "Dividend").
Note 12 (Dividends) to the Consolidated Financial Statements of
the Group for the year ended 30 April 2019 (the "2018/19
Accounts"), in referring to the Dividend, stated that:
"The Board of the subsidiary company will pay a dividend to the
Company in advance of the final proposed dividend being paid to
ensure that the Company has sufficient distributable reserves in
order to pay the dividend."
Regrettably, as a result of an administrative oversight, the
subsidiary company dividend referred to in Note 12 to the 2018/19
Accounts was not made and as a consequence the requisite level of
distributable reserves were not available within the Company prior
to the payment of the Dividend. In addition, interim accounts
should have been filed by the Company in respect of the payment of
the Dividend. Consequently, the Dividend is technically
unlawful.
The Group's historic reported trading results and financial
condition and ability to pay future dividends are entirely
unaffected, however to address the unlawful nature of the Dividend
the Board intends to call a general meeting of the Company in due
course at which various resolutions to address these issues will be
proposed.
The directors have no reason to believe that the resolutions to
be proposed at the general meeting will not be passed and therefore
have accounted for the Dividend as a distribution in these
financial statements.
Accounting policies
Except as described below, the accounting policies adopted in
the preparation of the unaudited Group interim consolidated
statement to 31 October 2019 are consistent with the policies
applied by the Group in its consolidated financial statements as
at, and for the year ended 30 April 2019.
This is the first set of the Group's financial statements where
IFRS 16 Leases has been applied. The impact on this interim
consolidated statement and the change to the Group's significant
accounting policies are described in further detail below.
IFRS 16 Leases Overview
The Group has initially adopted IFRS 16 Leases from 1 May 2019.
IFRS 16 Leases replaces IAS 17 Leases and provides a single lease
accounting model, requiring the lessees to recognise right of use
assets and lease liabilities in the balance sheet for all
applicable leases. The Group has applied the modified retrospective
adoption method in IFRS 16, and, therefore only recognised leases
on balance sheet as at 1 May 2019. It has decided to measure
right-of-use assets by reference to the measurement of the lease
liability on that date. This meant there was no immediate impact to
net assets on that date. In applying the modified retrospective
approach, the Group has taken advantage of the following practical
expedients:
-- A single discount rate has been applied to portfolios of
leases with reasonably similar characteristics.
-- Initial direct costs have not been included in the
measurement of the right-of-use asset as at the date of initial
application.
-- For the purposes of measuring the right-of-use asset
hindsight has been used. Therefore, it has been measured based on
prevailing estimates at the date of initial application and not
retrospectively by making estimates and judgements (such as the
term of leases) based on circumstances on or after the lease
commencement date
At 30 April 2019 operating lease commitments amounted to
GBP9,313,000. The effect of discounting those commitments has
resulted in lease liabilities of approximately GBP3,961,000 being
recognised on 1 May 2019 with a corresponding right-of-use assets
of GBP3,659,000, the figures being different due to the offset of
GBP302,000 lease incentive accrual against the asset.
Instead of recognising an operating expense for its operating
lease payments, the Group has instead recognised interest on its
lease liabilities and amortisation on its right-of-use assets.
In the 6 months to 31 October 2019 this has decreased operating
lease payments by GBP76,000, increased depreciation by GBP66,000
and finance charges by GBP72,000.
Changes in Accounting policy
The details of the new significant accounting policy and the
nature of the change to previous accounting policy in relation to
the Group's adoption of IFRS 16 Leases are set out below.
Amended accounting policy Previous accounting Nature of change in accounting
policy policy
The Group assesses whether The Group previously
a contract is or contains determined whether a
a lease at inception contract was or contained
of the contract. policy a lease under IFRIC 4.
in relation to the Group's In practice, all contracts
adoption of IFRS 16 Leases that are classified as
are set out below. a lease under IFRS 16
were also previously
A contract is or contains classified as a lease
a lease if the contract under IFRIC 4 and vice
includes the right to versa.
control the use of an
identified asset for
a period of time in exchange
for consideration. Factors
that are considered when
making this assessment
include: the Group's
right to obtain substantially
all the economic benefits
from use of the asset;
the Group's right to
direct the use of the
asset; and the supplier's
right to substitute the
asset
----------------------------- ----------------------------------
The Group allocates the Where substantially Under IAS 17, the Group
consideration in the all the risks and previously classified
contract to each lease rewards incidental leases as operating or
component on the basis to ownership of a finance leases based
of relative stand-alone leased asset have on its assessment of
selling prices. For each been transferred to whether the lease transferred
lease component, the the Group (a "finance significantly all the
Group recognises a right lease"), the asset risks and rewards of
of use asset and a lease is treated as if it ownership to the Group.
liability at the lease had been purchased Under IFRS 16, the majority
commencement date. outright. The amount of the Group's leases
initially recognised are recognised on the
as an asset is the balance sheet as right
lower of the fair of use assets and lease
value of the leased liabilities, including
asset and the present those arrangements previously
value of the minimum classified as either
lease payments payable finance leases or operating
over the term of the leases under IAS 17.
lease. The corresponding
lease commitment is
shown as a liability.
Lease payments are
analysed between capital
and interest. The
interest element is
charged to the consolidated
statement of comprehensive
income over the period
of the lease and is
calculated so that
it represents a constant
proportion of the
lease liability. The
capital element reduces
the balance owed to
the lessor.
----------------------------- ----------------------------------
Lease liabilities are Where substantially Lease liabilities were
presented as "obligations all the risks and only recognised under
under leases" in the rewards incidental IAS 17 in respect of
balance sheet. to ownership are not arrangements classified
The lease liability is transferred to the as finance leases. This
initially measured at Group (an "operating distinction no longer
the present value of lease"), the total exists under IFRS 16.
future lease payments, rentals payable under
discounted at the interest the lease are charged Where an arrangement
rate implicit in the to the consolidated was treated as a finance
lease. Where the implicit statement of comprehensive lease under IAS 17, a
interest rate cannot income on a straight-line liability was initially
be determined, the Group basis over the lease recognised equal to the
discounts the future term. The aggregate value of the asset capitalised
lease payments using benefit of lease incentives within property, plant
its incremental borrowing is recognised as a and equipment (see below).
rate. reduction of the rental The liability was subsequently
The lease liability is expense over the lease measured at amortised
subsequently measured term on a straight-line cost using the effective
at amortised cost using basis. interest method. There
the effective interest is no material difference
method. between the amounts recognised
as liabilities or as
interest expense for
such arrangements following
the adoption of IFRS
16.
Lease payments associated
with operating leases
were recognised as an
expense on a straight-line
basis over the lease
term, with no amounts
being recognised on the
balance sheet. Under
IFRS 16 lease liabilities
are also recognised for
leases previously classified
as operating leases.
The lease liability is
recognised at the present
value of the future lease
payments.
----------------------------- ----------------------------------
Right of use assets are Assets were only recognised
presented in "property, under IAS 17 in respect
plant and equipment" of arrangements classified
on the balance sheet. as finance leases.
The right of use asset Where an arrangement
is initially measured was previously treated
at cost, representing as a finance lease under
the initial amount of IAS 17, an asset was
the lease liability adjusted recognised within property,
for any up-front lease plant and equipment at
payments, direct costs the fair value of the
incurred or lease incentives asset or, if lower, the
received. present value of the
minimum lease payments.
The right of use asset The asset was subsequently
is subsequently depreciated depreciated on the same
on a straight-line basis basis as other similar
to the earlier of the assets purchased by the
end of the useful life Group without recourse
of the right of use asset to financing arrangements.
or the end of the lease Such assets are now presented
term. The estimated useful as right of use assets
lives of right of use within property, plant
assets are determined and equipment. There
on the same basis as is no material difference
those of property, plant between the amounts recognised
and equipment. as assets or as depreciation
expense for such arrangements
following the adoption
of IFRS 16.
In addition, under IFRS
16 a right of use asset
is now recognised within
property, plant and equipment
for assets under leases
that were previously
classified as operating
leases under IAS 17,
for which were lease
payments were recognised
as an expense on a straight-line
basis over the lease
term, with no amounts
being recognised on the
balance sheet.
----------------------------- ----------------------------------
No right of use asset The treatment of short-term
or lease liability is leases and leases for
recognised in respect low-value assets is unchanged
of leases with terms on adoption of IFRS 16
of 12 months or less as all such leases were
or in relation to low previously classified
value assets. Lease payments as operating leases under
associated with such IAS 17.
leases are recognised
as an expense on a straight-line
basis over the lease
term.
----------------------------- ----------------------------------
Functional currency
The unaudited interim consolidated statements are presented in
Sterling, which is also the Group's functional currency. Amounts
are rounded to the nearest thousand, unless otherwise stated.
2. Segment information
The Group evaluates segmental performance based on profit or
loss from operations calculated in accordance with IFRS but
excluding non-recurring losses, such as goodwill impairment and the
effects of share-based payments. Specialist Piling includes the
specialist and rail business units and Ground Engineering Services
comprises housing and geotechnical (Strata) business units. Note
that General Piling tends to undertake the larger residential
projects. Loans and borrowings, insurances and head office central
services' costs are allocated to the segments based on levels of
turnover. All turnover and operations are based in the UK.
Operating segments - 6 months to 31 October 2019
Ground
General Specialist Engineering Head Total
Piling Piling Services Office
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Revenue 17,661 13,950 16,855 58 48,524
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Operating
profit
Underlying
operating
profit 227 394 804 30 1,455
Share-based
payments (80) (80)
Exceptional
item (8) (93) (45) (146)
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Operating
profit 219 301 804 (95) 1,229
Finance
expense (322) (322)
Finance
income 12 12
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Profit before
tax 219 301 804 (405) 919
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Assets
Property,
plant
& equipment 2,710 4,157 4,785 7,498 19,150
Right-of-use
assets 7,036 7,720 3,080 5,151 22,987
Inventories 1,058 720 1,165 17 2,960
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Reportable
segment
assets 10,804 12,597 9,030 12,666 45,097
Intangible
assets 2,685 2,685
Trade and
other
receivables 21,931 21,931
Cash and cash
equivalents 3,949 3,949
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Total assets 10,804 12,597 9,030 41,231 73,662
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Liabilities
Loans and
borrowings 14,352 14,352
Trade and
other
payables 15,928 15,928
Provisions 236 236
Deferred tax 1,061 1,061
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Total
liabilities 31,577 31,577
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
Other
information
Capital
expenditure 25 404 1,885 3,795 6,109
Depreciation
/
amortisation 575 779 385 511 2,250
------------------------ ------------------- ---------------------- ---------------------- ------------------ ---------------------
There are no individual customers accounting for more than 10%
of Group revenue in either the current or preceding period/
year.
Operating segments - 6 months to 31 October 2018
Ground
General Specialist Engineering Head Total
Piling Piling Services Office
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Revenue 18,537 14,461 9,923 42,921
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Operating
profit
Underlying
operating
profit 465 1,926 647 - 3,038
Share-based
payments - - - (80) (80)
Exceptional
item - - - (331) (331)
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Operating
profit 465 1,926 647 (411) 2,627
Finance
expense - - - (297) (297)
Finance
income - - - 25 25
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Profit before
tax 465 1,926 647 (683) 2,355
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Assets
Property,
plant
& equipment 13,077 12,458 4,287 9,216 39,038
Inventories 1,220 415 712 25 2,372
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Reportable
segment
assets 14,297 12,873 4,999 9,241 41,410
Intangible
assets - - - 2,303 2,303
Trade and
other
receivables - - - 19,946 19,946
Cash and cash
equivalents - - - 9,384 9,384
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Total assets 14,297 12,873 4,999 40,874 73,043
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Liabilities
Loans and
borrowings - - - 15,016 15,016
Trade and
other
payables - - - 15,268 15,268
Provisions - - - 253 253
Deferred tax - - - 1,016 1,016
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Total
liabilities - - - 31,553 31,553
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
Other
information
Capital
expenditure 1,113 367 147 359 1,986
Depreciation
/
amortisation 699 794 233 429 2,155
------------------------ ------------------- ---------------------- ---------------------- ------------------ ------------------
There are no individual customers accounting for more than 10%
of Group revenue in either the current or preceding period/
year.
Operating segments - 12 months to 30 April 2019
Ground
General Specialist Engineering Head
Piling Piling Services office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ------- ---------- ----------- ------- -------
Revenue 37,201 28,630 22,637 - 88,468
---------------------------- ------- ---------- ----------- ------- -------
Underlying operating
profit 1,238 2,697 1,309 - 5,244
Share-based payments - - - (123) (123)
Exceptional item - - - (559) (559)
---------------------------- ------- ---------- ----------- ------- -------
Operating profit 1,238 2,697 1,309 (682) 4,562
Finance expense - - - (579) (579)
Finance income - - - 52 52
---------------------------- ------- ---------- ----------- ------- -------
Profit before tax 1,238 2,697 1,309 (1,209) 4,035
---------------------------- ------- ---------- ----------- ------- -------
Assets
Property, plant and
equipment 11,033 12,434 5,465 9,554 38,486
Inventories 1,142 890 828 22 2,882
---------------------------- ------- ---------- ----------- ------- -------
Reportable segment
assets 12,175 13,324 6,293 9,576 41,368
Intangible assets - - - 2,289 2,289
Trade and other receivables - - - 20,676 20,676
Cash and cash equivalents - - - 7,997 7,997
---------------------------- ------- ---------- ----------- ------- -------
Total assets 12,175 13,324 6,293 40,538 72,330
---------------------------- ------- ---------- ----------- ------- -------
Liabilities
Loans and borrowings - - - 12,229 12,229
Trade and other payables - - - 16,506 16,506
Provisions - - - 236 236
Deferred tax - - - 1,298 1,298
---------------------------- ------- ---------- ----------- ------- -------
Total liabilities - - - 30,269 30,269
---------------------------- ------- ---------- ----------- ------- -------
Other information
Capital expenditure 1,310 656 793 879 3,638
Depreciation/amortisation 1,249 1,588 581 918 4,336
---------------------------- ------- ---------- ----------- ------- -------
There are no individual customers accounting for more than 10%
of Group revenue in either the current or preceding period/
year.
2. Revenue from contracts with customers
Disaggregation of revenue - 6 months to 31 October 2019
Ground
General Specialist Engineering
Piling Piling Services Total
End market GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------- ---------- ----------- -------
Residential 8,569 1,447 14,903 24,919
Infrastructure 953 10,361 1,249 12,563
Regional Construction 8,139 2,107 691 10,937
Other - 35 70 105
---------------------- ------- ---------- ----------- -------
Total 17,661 13,950 16,913 48,524
---------------------- ------- ---------- ----------- -------
Disaggregation of revenue - 6 months to 31 October 2018
Ground
General Specialist Engineering
Piling Piling Services Total
End market GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------- ---------- ----------- -------
Residential 10,952 1,989 8,844 21,785
Infrastructure 1,969 9,485 651 12,105
Regional Construction 5,373 2,753 320 8,446
Public 161 234 108 503
Other 82 82
---------------------- ------- ---------- ----------- -------
Total 18,537 14,461 9,923 42,921
---------------------- ------- ---------- ----------- -------
Disaggregation of revenue - 12 months to 30 April 2019
Ground
General Specialist Engineering
Piling Piling Services Total
End market GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------- ---------- ----------- -------
Residential 16,076 2,687 20,044 38,807
Infrastructure 5,549 20,576 1,545 27,670
Regional Construction 14,494 5,143 895 20,532
Public 1,001 224 153 1,378
Other 81 - - 81
---------------------- ------- ---------- ----------- -------
Total 37,201 28,630 22,637 88,468
---------------------- ------- ---------- ----------- -------
4. Exceptional costs
6 months 6 months 12 months
to 31 Oct to 31 Oct to 30 Apr
2019 (unaudited) 2018 (unaudited) 2019 (audited)
GBP'000 GBP'000 GBP'000
------------------- ------------------ ------------------ ----------------
Exceptional costs 146 331 559
------------------- ------------------ ------------------ ----------------
Exceptional costs for the six months to 31 October 2019 relate
to restructuring and redundancy costs related to restructuring of
the Group.
Prior year exceptional costs related to restructuring and
redundancy costs.
5. Earnings per share
The calculation of basic and diluted earnings per share is based
on the following data:
6 months 6 months 12 months
to 31 Oct to 31 Oct to 30 Apr
2019 (unaudited) 2018 (unaudited) 2019 (audited)
'000 '000 '000
------------------------------------ ------------------ ------------------ ------------------
Basic weighted average number
of shares 80,000 80,000 80,000
Dilutive potential ordinary shares - - -
from share options
------------------------------------ ------------------ ------------------ ----------------
Diluted weighted average number
of shares 80,000 80,000 80,000
------------------------------------ ------------------ ------------------ ----------------
GBP'000 GBP'000 GBP'000
------------------------------------ ------------------ ------------------ ----------------
Profit for the period/year 744 1,884 3,212
------------------------------------ ------------------ ------------------ ----------------
Add back / (deduct):
Share-based payments 80 80 123
Exceptional costs 146 331 559
Tax effect of the above (28) (63) (106)
------------------------------------ ------------------ ------------------ ----------------
Underlying profit for the year 942 2,232 3,788
------------------------------------ ------------------ ------------------ ----------------
Pence Pence Pence
------------------------------------ ------------------ ------------------ ----------------
Earnings per share
Basic 0.9 2.4 4.0
Diluted 0.9 2.4 4.0
Basic - excluding exceptional
costs and share-based payments 1.2 2.8 4.7
Diluted - excluding exceptional
costs and share-based payments 1.2 2.8 4.7
------------------------------------ ------------------ ------------------ ----------------
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders and on 80,000,000
ordinary shares (6 months ended 31 Oct 2018: 80,000,000 and 12
months ended 30 Apr 2019: 80,000,000) being the weighted average
number of ordinary shares.
The underlying earnings per share is based on profit adjusted
for exceptional operating costs and share-based payment charges,
net of tax, and on the same weighted average number of shares used
in the basic earnings per share calculation above. The Directors
consider that this measure provides an additional indicator of the
underlying performance of the Group.
There is no dilutive effect of the share options as performance
conditions remain unsatisfied and the share price was below the
exercise price.
6. Cash generated from operations
6 months 6 months 12 months
to 31 Oct to 31 Oct to 30 Apr
2019 (unaudited) 2018 (unaudited) 2019 (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------------ ------------------ ----------------
Operating profit 1,229 2,627 4,562
Adjustments for:
Depreciation of property, plant
and equipment 2,224 2,131 4,291
Amortisation of intangible assets 26 24 45
Profit on disposal of property,
plant and equipment (120) (8) (26)
Share-based payment expense 80 80 123
-------------------------------------- ------------------ ------------------ ----------------
Operating cash flows before movement
in working capital 3,439 4,854 8,995
Decrease/(Increase) in inventories (78) 193 (317)
Decrease/(Increase) in trade and
other receivables (1,372) 2,279 1,666
(Decrease)/Increase in trade and
other payables (586) (2,523) (847)
Decrease in provisions - (17) (34)
-------------------------------------- ------------------ ------------------
Cash generated from operations 1,403 4,786 9,463
-------------------------------------- ------------------ ------------------ ----------------
7. Analysis of cash and cash equivalents and reconciliation to net debt
31 Oct 2019 31 Oct 2018 30 Apr 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------- ------------- ------------- ------------
Cash at bank 3,901 9,340 7,953
Cash in hand 48 44 44
---------------------------- ------------- ------------- ------------
Cash and cash equivalents 3,949 9,384 7,997
Bank loans secured (900) (1,050) (975)
Other loans secured - (62) (15)
---------------------------- ------------- ------------- ------------
Plant and equipment leases (9,491) (13,902) (11,239)
Property leases (3,961)
---------------------------- ------------- ------------- ------------
Total lease liability (13,452) (13,902) (11,239)
---------------------------- ------------- ------------- ------------
Net debt (10,403) (5,630) (4,232)
---------------------------- ------------- ------------- ------------
Property leases at 31 October 2019 are right-of-use assets
capitalised under IFRS16.
INDEPENDENT REVIEW REPORT TO VAN ELLE HOLDINGS PLC
Introduction
We have been engaged by the company to review the unaudited
interim consolidated statement in the half-yearly financial report
for the six months ended 31 October 2019 which comprises the
consolidated statement of comprehensive income, the consolidated
statement of financial position, the consolidated statement of cash
flows, the consolidated statement of changes in equity and the
related notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the unaudited interim consolidated statement.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on
the unaudited interim consolidated statement in the half-yearly
financial report based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the unaudited interim consolidated
statement in the half-yearly financial report for the six months
ended 31 October 2019 is not prepared, in all material respects, in
accordance with the rules of the London Stock Exchange for
companies trading securities on AIM.
BDO LLP
Chartered Accountants
Nottingham
21 January 2020
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR DDGDBGUDDGGB
(END) Dow Jones Newswires
January 22, 2020 02:00 ET (07:00 GMT)
Van Elle (LSE:VANL)
Historical Stock Chart
From Jul 2024 to Jul 2024
Van Elle (LSE:VANL)
Historical Stock Chart
From Jul 2023 to Jul 2024
